Thailand

SEC Thailand — Digital asset operator licensing (5 subcategories), enforcement

BOT — Payment systems, stablecoins, crypto payment ban (joint 2022 guidance)

**Capital**: Minimum paid-up capital deposited in a Thai bank, varying by license type and custody model (e.g., THB 100M for custodial exchanges).[1][2]

**AML/KYC**: Mandatory under the **Anti-Money Laundering Act** (supervised by AMLO); requires internal procedures, customer due diligence, ongoing transaction monitoring, and annual audits. Operators are "financial institutions" for AML purposes.[1][2][7]

**Local Presence**: Must be a **Thai-registered legal entity** with qualified directors/executives, a compliance officer, and local management.[1][6]

**Other**: Accurate accounting, regular audits, IT/cybersecurity (per **Cybersecurity Act** and **PDPA**), risk management, business plan, professional liability insurance, and client fund protections.[1][2][5]

Incorporate as a Thai entity and prepare documents: business plan, financials, IT security/risk policies, AML/KYC framework, team qualifications.[1][7]

Submit full package to **SEC** for review (within 90 days).[7]

SEC forwards recommendation to **MOF**, which approves/rejects within 60 days.[7]

Total timeline: Several months; post-license, ongoing supervision by SEC.[1][5]

**Emergency Decree on Digital Asset Businesses B.E. 2561 (2018)** (primary law): Unofficial English translation at SEC website - https://www.sec.or.th/ (search "Emergency Decree").[2][3][7]

SEC regulations/notifications (e.g., July 2022 on custodians): https://www.sec.or.th/EN/Pages/Home.aspx.[2][4][8]

MOF notifications (e.g., Oct 2020 on fund managers/advisors): Via SEC portal.[4]

Crypto gains from sales, exchanges, or use for goods/services are taxed as assessable income under Section 40(4)(h) of the Revenue Code, using FIFO or moving average cost basis; losses offset gains in the same year.[1][3]

Standard progressive PIT rates apply: 0% (up to 150,000 THB), rising to 35% (over 5 million THB), based on total annual income.[1][2]

**2025-2029 exemption**: Ministerial Regulation No. 399 (B.E. 2568), published September 5, 2025, exempts PIT on qualifying capital gains via licensed operators under the 2018 Emergency Decree on Digital Asset Businesses; offshore or unlicensed trades remain taxable.[3][4][5][6][7]

Earnings from mining, staking, airdrops, or crypto payments are taxed as ordinary PIT income at 0%-35% progressive rates.[2][5]

Businesses pay 20% corporate income tax on crypto profits.[2]

VAT-exempt for trades on SEC-approved exchanges since 2022 (extended into 2025+); sales/transfers via licensed operators remain exempt.[2][3]

No wealth or inheritance tax on crypto.[2]

**Individuals**: Report on PND 90 form if tax resident (180+ days in Thailand), total income >120,000 THB (single)/220,000 THB (married), or Thai-sourced crypto income; due March 31 (paper) or April 8 (online); retain exchange records (e.g., Bitkub) for 5 years.[1][2][5]

**Businesses**: Report on PND 50; same deadlines.[2]

Penalties: Fines 2,000-200,000 THB, 1.5% monthly interest, possible jail for evasion; upcoming OECD Crypto-Asset Reporting Framework (CARF) enforcement.[2][6]

Gains calculated as sale value minus acquisition cost at fair market value.[5]

**Revenue Department (RD), Ministry of Finance**: Oversees PIT/CIT; key laws include Emergency Decree Amending the Revenue Code (No. 19), 2018 (Sections 40(4)(g)-(h)); Ministerial Regulation No. 399 (2025 exemption).

Official RD site: https://www.rd.go.th (Thai/English tax forms/guides).

**Securities and Exchange Commission (SEC)**: Regulates licensed operators under 2018 Digital Asset Businesses Decree.

SEC digital assets page: https://www.sec.or.th/EN/Pages/Digital-Asset.aspx.

No direct RD/SEC URLs in results for crypto-specific pages, but regulations reference Royal Gazette publications (e.g., No. 399).[3][4][6]